is that she ran the perfect campaign ... for 1996.  She surrounded herself with the usual suspects, campaign in the usual manner, and utterly failed to embrace changes that have happened in the intervening years.  She also bought into the meme of her inevitability.

In politics, I subscribe to something like the Powell Doctrine: even when you think you're going to win, perhaps especially when you think you're going to win, you hit hard with overwhelming force and you never grow complacent.  She has not done that.  If she somehow ekes out a win, it will be largely attributable to name recognition and warm feelings for the good old days of the 90s.  These are real factors not to be discounted, but they are emphatically not the basis for a successful political campaign.